Ferrari have announced leading driver Fernando Alonso will leave the Italian formula 1 team at the end of this season and will be replaced by four-time world champion Sebastien Vettel.

While confirming the news, Ferrari team boss Marco Mattiacci stated ”We offer [Alonso] our heartfelt thanks for what has been an extraordinary adventure with the Scuderia, when in the past five years, he twice came so close to winning the world championship.”

Mattiacci added ”Sebastian Vettel is a unique combination of youthfulness and experience. He brings with him that sense of team spirit which will prove invaluable when, together with Kimi, they tackle the challenges awaiting us, as we aim to be front runners again as soon as possible.”

On his part, Alonso stated ”It was a difficult decision to take, but a carefully considered one and from start to finish, my love for Ferrari was a prime consideration.”

The 33-year old Spaniard added that ”I have always been lucky enough to make my own decisions about my future and I have that possibility now too. I must thank the team for that, as it understood my position.”

Alonso won the 2005 and 2006 world championship and is reportedly close to sealing a return to McLaren where one of Jenson Button – world champion in 2009 – or Kevin Magnussen is expected to make way for Alonso, with a decision expected to be made early in December.

The Spanish driver joined Ferrari in 2010 but failed to add to his two world titles during his time with the Italian team, finishing second in 2010 and 2012 behind Vettel.

Vettel has signed a three-year deal with Ferrari where he will race alongside fomer world champion Kimi Räïkönnen, who won Ferrari’s last world championship in 2007 during his first stint with the Italian team.

Vettel stated signing for Ferrari that it is ”an incredible honour to get the chance to drive a Ferrari,” where his ”greatest idol” and seven-time world champion Michael Schumacher raced.

The German driver won four successive world championships between 2010 and last year with Red Bull but has been overshadowed this year by Mercedes duo Lewis Hamilton and Nico Rosberg.

Hamilton – chasing a first championship since 2008 – and Rosberg have dominated the 2014 season by winning all but four races ahead of their title showdown in the season’s final race at Abu Dhabi this weekend.